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City Review

Hamburg City Review

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

Home to the third biggest port in Europe, Hamburg stands as one of the major powerhouses of the German economy. Hamburg metropolitan region generated a total GDP of USD172 billion in 2016, making it the third biggest economic agglomeration in Germany, only behind Berlin (USD192 billion total GDP in 2016) and Munich (USD202 billion). Hamburg's current lifestyle developments are characterised by a strong tourist interest and slow rent growth.

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HAMBURG HIGHLIGHTS

In 2016, Hamburg's labour productivity (gross value added per employee) reached USD93,600. While lagging behind Munich (USD116,600 labour productivity in 2016) and Frankfurt (USD109,100) - cities with a stronger presence of financial and hi-tech centres - Hamburg did exceed the average of the rest of the country by a quarter.

Greater labour productivity boosts household income

Hamburg's positive, albeit small, household income differential with other German regions is principally driven by the city's higher level of labour productivity. In 2016, average household income in Hamburg was 7.7% above that elsewhere in the country.

Consumer expenditure level ranks second after Berlin

Hamburg's total consumer expenditure reached USD74 billion in 2016, ranking second after Berlin. Thanks to affordable costs of transport and housing, spending per household (excluding transport and housing) was 4.1% higher in Hamburg than in the rest of Germany in 2016.

Affordable transport and housing costs

In terms of city affordability, Hamburg fares well in Germany. Combined expenditure on housing and transport per household (USD16,100 in 2016) is marginally below the level in the rest of Germany (USD16,200). However, housing expenses specifically were 2.7% higher in Hamburg than in the rest of Germany in 2016.